How I never saw this is beyond me. How I never heard about it is not, as my TV has not changed channels from ESPN in over two years (also due to a broken remote, but I digress). This is one of the funniest, most brilliant things I’ve ever seen. If, for some reason, you have never heard about it, here is what Wikipedia has to say about it:

On April 29, 2006, American comedian Stephen Colbert appeared as the featured entertainer at the 2006 White House Correspondents’ Association Dinner, which was held in Washington, D.C., at the Hilton Washington hotel. Colbert’s performance consisted of a 16-minute podium speech and a 7-minute video presentation, which were broadcast live across the United States on cable television networks C-SPAN and MSNBC. Standing a few yards from U.S. President George W. Bush—in front of an audience filled with celebrities, politicians, and members of the White House Press Corps—Colbert delivered a controversial, searing routine targeting the president and the media.Cable television personality Colbert spoke in the persona of the character he plays on Comedy Central’s popular The Colbert Report, a parody of a conservative pundit in the fashion of Bill O’Reilly and Sean Hannity.